Fish! battered as tourist trade slips

FAST-growing restaurants chain Fish! has blamed the foot-and-mouth crisis and the downturn in tourism after 11 September for a sharp fall in profits.

The 18-strong chain, run by former Pizza Express executive Paul Gilligan, said it had been hit by events beyond its control during a critical phase in its growth.

Like-for-like trade was down 13% last year and there was little improvement in January. First signs of a pick-up outside London were now being seen, however.

Among the worst-affected outlets were those in London at Borough and Canary Wharf, which are heavily dependent on lunchtime business customers. There was also an impact on evening sales at tourist locations.

Pre-tax profit for the year fell more than 20% to £1.72m, though Fish! said profits from ongoing operations were up from £1m to £2m. Last year's 1p dividend is being axed.

Chairman Tony Allan said the firm was looking at 'a range of strategies to facilitate growth and maximise shareholder returns'. The shares today fell 8%, or 5 1/2p to 72p.